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Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Amortized cost and estimated fair value of investment and mortgage-backed securities

The amortized cost, gross unrealized gains and losses and estimated fair value of investment and mortgage-backed AFS and HTM securities, net of allowance for credit losses, as of March 31, 2025 and December 31, 2024 are reflected in the tables below (in thousands):

						March 31, 2025
						Amortized						Gross Unrealized						Gross Unrealized						Less: Allowance for						Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses						Credit Losses						Fair Value
Investment securities:
U.S. Treasury						$	133,331					$	10					$	—					$	—					$	133,341
State and political subdivisions						454,442						30						53,465						—						401,007
Corporate bonds and other						14,666						226						508						—						14,384
MBS: (1)
Residential						901,493						6,877						3,978						—						904,392
Commercial						5,220						44						449						—						4,815
Total						$	1,509,152					$	7,187					$	58,400					$	—					$	1,457,939

						Amortized						Gross Unrealized						Gross Unrealized												Estimated						Less: Allowance for						Net Carrying
						Cost						Gains						Losses												Fair Value						Credit Losses						Amount
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	1,041,455					$	675					$	156,350											$	885,780					$	27					$	1,041,428
Corporate bonds and other						124,256						369						5,763												118,862						37						124,219
MBS: (1)
Residential						83,303						12						6,646												76,669						—						83,303
Commercial						29,380						—						1,583												27,797						—						29,380
Total						$	1,278,394					$	1,056					$	170,342											$	1,109,108					$	64					$	1,278,330

						December 31, 2024
						Amortized						Gross Unrealized						Gross Unrealized						Less: Allowance for						Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses						Credit Losses						Fair Value
Investment securities:
U.S. Treasury						$	173,880					$	76					$	—					$	—					$	173,956
State and political subdivisions						458,013						36						43,717						—						414,332
Corporate bonds and other						14,646						263						401						—						14,508
MBS: (1)
Residential						935,639						835						10,088						—						926,386
Commercial						5,238						—						526						—						4,712
Total						$	1,587,416					$	1,210					$	54,732					$	—					$	1,533,894

						Amortized						Gross Unrealized						Gross Unrealized						Estimated						Less: Allowance for						Net Carrying
HELD TO MATURITY						Cost						Gains						Losses						Fair Value						Credit Losses						Amount
Investment securities:
State and political subdivisions						$	1,040,912					$	4,004					$	152,697					$	892,219					$	—					$	1,040,912
Corporate bonds and other						124,095						17						6,553						117,559						—						124,095
MBS: (1)
Residential						84,660						8						8,549						76,119						—						84,660
Commercial						29,567						—						1,982						27,585						—						29,567
Total						$	1,279,234					$	4,029					$	169,781					$	1,113,482					$	—					$	1,279,234

(1) All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs.

Schedule of Unrealized Loss on Investments

The following tables present the fair value and unrealized losses on AFS, if applicable, for which an allowance for credit losses has not been recorded, as well as HTM investment securities and MBS, if applicable, as of March 31, 2025 and December 31, 2024, segregated by major security type and length of time in a continuous loss position (in thousands):

			March 31, 2025
			Less Than 12 Months												More Than 12 Months												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
AVAILABLE FOR SALE
Investment securities:
State and political subdivisions			$	12,703					$	163					$	385,424					$	53,302					$	398,127					$	53,465
Corporate bonds and other			2,802						199						5,672						309						8,474						508
MBS:
Residential			165,837						1,052						30,986						2,926						196,823						3,978
Commercial			—						—						2,537						449						2,537						449
Total			$	181,342					$	1,414					$	424,619					$	56,986					$	605,961					$	58,400
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	131,425					$	3,273					$	717,769					$	153,077					$	849,194					$	156,350
Corporate bonds and other			—						—						103,289						5,763						103,289						5,763
MBS:
Residential			2,567						225						73,610						6,421						76,177						6,646
Commercial			—						—						27,797						1,583						27,797						1,583
Total			$	133,992					$	3,498					$	922,465					$	166,844					$	1,056,457					$	170,342
			December 31, 2024
			Less Than 12 Months												More Than 12 Months												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
AVAILABLE FOR SALE
Investment securities:
State and political subdivisions			$	12,089					$	64					$	398,304					$	43,653					$	410,393					$	43,717
Corporate bonds and other			2,967						33						5,612						368						8,579						401
MBS:
Residential			723,855						6,517						31,527						3,571						755,382						10,088
Commercial			2,223						12						2,489						514						4,712						526
Total			$	741,134					$	6,626					$	437,932					$	48,106					$	1,179,066					$	54,732
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	73,272					$	1,779					$	704,563					$	150,918					$	777,835					$	152,697
Corporate bonds and other			2,212						149						111,392						6,404						113,604						6,553
MBS:
Residential			2,548						292						73,064						8,257						75,612						8,549
Commercial			—						—						27,585						1,982						27,585						1,982
Total			$	78,032					$	2,220					$	916,604					$	167,561					$	994,636					$	169,781

Interest income recognized on securities

The following table reflects interest income recognized on securities for the periods presented (in thousands):

			Three Months Ended March 31,
			2025						2024
U.S. Treasury			$	1,567					$	2,023
State and political subdivisions			11,660						14,269
Corporate bonds and other			1,617						1,763
MBS			13,523						10,119
Total interest income on securities			$	28,367					$	28,174

Amortized cost, carrying value and fair value of securities presented by contractual maturity

The amortized cost and estimated fair value of AFS and HTM securities at March 31, 2025, are presented below by contractual maturity (in thousands):

			March 31, 2025
			Amortized Cost						Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less			$	133,820					$	133,834
Due after one year through five years			6,782						6,662
Due after five years through ten years			24,620						24,053
Due after ten years			437,217						384,183
			602,439						548,732
MBS:			906,713						909,207
Total			$	1,509,152					$	1,457,939

			March 31, 2025
			Amortized Cost						Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less			$	4,133					$	4,134
Due after one year through five years			16,584						16,527
Due after five years through ten years			130,331						124,048
Due after ten years			1,014,663						859,933
			1,165,711						1,004,642
MBS:			112,683						104,466
Total			$	1,278,394					$	1,109,108

Unrealized and realized gains (losses) recognized in net income on equity investments

The following is a summary of unrealized and realized gains and losses on equity investments recognized in other noninterest income in the consolidated statements of income during the periods presented (in thousands):

			Three Months Ended March 31,
			2025						2024
Net gains (losses) recognized during the period on equity investments			$	79					$	(56)
Less: Net gains recognized during the period on equity investments sold during the period			—						—
Unrealized gains (losses) recognized during the reporting period on equity investments held at the reporting date			$	79					$	(56)

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Tabular disclosure of realized and unrealized gain (loss) on investment in security.

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